- Biotech company AdAlta (1AD) has entered into a trading halt as it prepares for a capital raise
- Company shares will be paused until Tuesday, August 11, or when it releases more information about the raise
- In June, AdAlta received approval from the Human Research Ethics Committee to start its phase one clinical trial for its lung disease product, AD-214
- Last month, AdAlta reported its first participants have been treated with AD-214
- AdAlta last traded for 10.5 cents per share on August 6
Biotech company AdAlta (1AD) has entered into a trading halt ahead of a capital raise.
This means company shares will be paused until Tuesday, August 11, or when it releases more information about the raise. The company has not said how much it intends to raise or what the funds will be used for.
In June, AdAlta received approval from the Human Research Ethics Committee (HREC) to start its phase one clinical trial for its lead product candidate, AD-214.
AD-214 is being developed by for the treatment of a chronic scarring lung disease, Idiopathic Pulmonary Fibrosis, and other human fibrotic diseases.
Due to the green light from HREC, AdAlta will not need any further approval.
Last month, AdAlta reported its first participants have been treated with AD-214. One participant was treated with AD-214, while the other received a placebo. Both patients have passed the 72-hour observation window without a dose-limiting adverse event.
“We are pleased to have achieved this next important milestone in the initial clinical evaluation of AD-214,” CEO Dr Tim Oldham said in July.
“We also wish to express our gratitude to the volunteers who have agreed to participate in this trial and help advance a potential new therapy for patients battling interstitial lung disease, beginning with idiopathic pulmonary fibrosis,” he added.
AdAlta last traded for 10.5 cents per share on August 6.